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Year-over-year growth in new housing prices slowed for a second consecutive month in March. This deceleration continues a downward trend that started in September 2006, due mainly to the softening market in Alberta.
Contractors' selling prices rose 6.1% between March 2007 and March 2008, a slightly slower pace than the 6.2% year-over-year increase posted in February 2008.
Nationally, prices rose 0.2% between February and March.
Regionally, for the 11th straight month, prices rose at the fastest pace in Saskatoon, with a year-over-year price increase of 46.2%, down from the record-setting pace of 58.3% in February. Saskatoon housing prices rose 2.1% from February.
In Regina, the year-over-year increase was 27.8% in March, down marginally from the annual growth rate of 28.6% recorded in February. Regina's new housing prices rose 1.7% between February and March.
In Winnipeg, prices rose 15.0% on a year-over-year basis.
In Saskatoon, Regina and Winnipeg, builders reported higher prices as a result of increased material and labour costs, as well as a strong market and high demand for new housing.
In Edmonton, the 12-month growth rate slowed to 13.5% in March, the eighth consecutive month in which the pace of growth has decelerated. On a monthly basis, new housing prices declined in Edmonton for a third consecutive month, falling 1.1% in March.
In Calgary, prices rose 5.3% between March 2007 and March 2008, slightly faster than the 5.2% increase between February 2007 and February 2008.
Edmonton and Calgary continued to experience slow market conditions. Builders in both cities reported lowering their prices to generate interest and stimulate sales.
A strengthening economy, coupled with increased material and labour costs, contributed to record increases in Nova Scotia. Homebuyers in Halifax saw prices rise 12.8%, up from the year-over-year increase of 11.4% in February, while buyers in St. John's saw a 12.0% gain compared with March 2007.
On the West Coast, the 12-month increase in contractors' selling prices for Vancouver was 6.1%, while in Victoria it was 1.2%, down from 1.6% in February.
Windsor recorded year-over-year deflation in March, with prices falling 0.6% from March 2007. This continues the downward trend that started 18 months ago.
Elsewhere in Ontario, contractors' selling prices were 4.5% higher in Toronto and 3.1% higher in Ottawa–Gatineau compared with March 2007.
In Québec, prices increased 3.9% from the same month a year earlier. In Montréal, the 12-month growth rate slowed to 4.5%. Prices edged down 0.1% from February to March in Montréal, where increases resulting from higher labour costs were offset by competition among builders in the market.
Available on CANSIM: table 327-0005.
Definitions, data sources and methods: survey number 2310.
The fourth quarter 2007 issue of Capital Expenditure Price Statistics (62-007-XWE, free) is available from the Publications module or our website.
For more information, or to enquire about the concepts, methods or data quality of this release, contact Client Services (613-951-9606; fax: 613-951-1539; prices-prix@statcan.gc.ca), Prices Division.
Table(s).
